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Relevant xkcd: http://xkcd.com/927/ http://xkcd.com/927/
Relevant xkcd: http://xkcd.com/927/ http://xkcd.com/927/
Lucky for these guys, they seem to have some pretty powerful names behind the project. I think this will go pretty far towards becoming the single standard that everyone references.
Right now there aren't competing standards, there are competing ad-hoc implementations.